The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products (ex. SPR) stocks fell -1.66 mmb to 1343.7 mmb in the week ended January 1. Crude oil inventory fell -8.01 mmb (consensus: -2.13 mmb) to 485.46 mmb. Stockpile decreased in ALL 5 PADDs. PADD 3 (Gulf Coast) alone saw -6.23 mmb tumble in stockpile. Cushing stock added +0.79 mmb to 59.2 mmb. Utilization rate increased +1.3 percentage point to 80.7% while crude production steadied at 11M bpd for the week. Crude oil imports added +0.04M bpd to 5.37M bpd in the week.
Concerning refined oil product inventories, gasoline inventory rose +4.52 mmb to 241.08 mmb although demand declined -8.45% to 7.44M bpd. The market had anticipated a +1.53 mmb increase in stockpile. Production plunged -12.85% to 8.01M bpd while imports fell -25.96% to 0.45M bpd during the week. Distillate stockpile soared +6.39 mmb to 158.42 mmb. The market had anticipated a +2.31 mmb decrease. Demand sank -18.17% to 2.94M bpd. Production gained +3.15% to 4.79 mmb while imports plummeted -51.21% to 0.2M bpd during the week.
A day earlier, the industry-sponsored API estimated that crude oil inventory dropped -1.66 mmb. Gasoline stockpiled jumped +5.47 mmb, while that for distillate soared +7.14 mmb.
